Ken McCarthy

TruMark has begun the search for its next chief executive after Rick Stipa, who led the credit union for more than 20 years, announced he'll step down.

The combination of the Bay Area credit unions creates an institution with nearly 50,000 members.

The coronavirus and economic impediments have made it hard for credit unions to add members in recent years. Yet efforts to adapt to less face-time with customers, rev up auto lending and refine other aspects of their businesses are starting to pay off.

There's a lot of pent-up consumer demand for new cars, but credit unions face stiff competition from large banks and online dealerships. Some are stepping up marketing while others are eyeing new loan categories.

The Community Bankers Association of Illinois has proposed legislation to discourage credit union-bank mergers by imposing a fee that credit unions would have to pay when they purchase banks. Six Illinois community banks have been sold to credit unions since 2019.

Premier Bank is appealing the Nebraska Department of Banking and Finance's decision to block its sale to GreenState Credit Union.

The economic and political conditions are in place for bank-credit union mergers to blow past last year's total of 13 despite the banking industry's strong opposition to them.

Brian Knight of the National Association of State Credit Union Supervisors will prioritize collaboration with the National Credit Union Administration in his efforts to help state-chartered institutions stay competitive with federally chartered credit unions as well as community banks and fintechs.

Some community banks and credit unions worry that by hiring out-of-state workers to fill their many job openings, as other employers have done, they could erode community ties.

The National Credit Union Administration approved four new credit unions in 2021 — the most in six years — after revamping the application process.